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Gold jewellery 'could be underinsured'

By Marianne Straker, Tue 7 Sep 2010 - Published in Home Insurance

Many homeowners could be failing to insure their gold jewellery at the correct value, it has been claimed.

Home insurance provider NFU Mutual noted that the cost of gold has increased in recent years, leading to jewellery being worth more than its owners may be aware.

The organisation estimated that the average home will contain gold jewellery worth more than £1,100, but claimed this is not reflected in the level of home insurance taken out by the typical household.

Paul Richardson, home insurance specialist at NFU Mutual, said: "If the contents of some jewellery boxes needed to be replaced, some owners may be devastated to find their current insurance policy would only pay out a fraction of the cost of replacements."

National Association of Goldsmiths chairman Nicholas Major also recommended that people have their jewellery assessed by a member of the Institute of Registered Valuers to ensure they know its true worth.

This month, Confused.com head of household Gareth Kloet claimed that students should ensure they have home insurance before starting the new university term.